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Naira devalued again

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CENTRAL Bank of Nigeria has adjusted the value of the naira to exchange to the dollar at N381, as parts of measures to converge the nation’s multiple exchange rates and ensure stability.

The new rate is believed to be in line with the apex bank’s efforts to unify the exchange rate as the foreign exchange spot. On Tuesday, the dollar was quoted at N380.69k at the Secondary Market Intervention Sales (SMIS), where importers access foreign currencies.

Although the CBN has not officially made its position known, data obtained on the website of FMDQ OTC Securities Exchange on the CBN official rate showed a 5.54 per cent change from N360/$ to N381/$.

FMDQ Securities, registered by the Securities and Exchange Commission, was put in place to create an efficient platform for the registration, listing, quotation, trading and reporting of securities and financial products.

Oil revenue contribution to the Nigerian economy should get a minor boost from the devaluation of the official rate, Omotola Abimbola, an analyst at Lagos-based Chapel Hill Denham, said in a post on Twitter.

“Now, CBN has to unshackle the I&E window, and maybe we can put this FX liquidity problem behind us,” Mr Abimbola wrote.

In March, the CBN had adjusted the official exchange rate to N360/$ from N307/$ and abolished the N325 and N330 concessionary rates.

Godwin Emefiele, the apex bank governor, recently explained that the bank is making efforts towards a unification of the multiple exchange rates.

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